Trade Balance in Nigeria

Nigeria Trade Balance | Economic News & Forecasts

Nigeria - Trade Balance

Economic growth accelerated in the third quarter, buoyed by improved dynamics in both the oil and non-oil economy. Oil output edged up after slumping in Q2 as pipeline disruptions eased, although the energy sector remained weak and contracted again in Q3. Meanwhile, growth within the agricultural and services sectors propelled the non-oil economy’s expansion. Data for the fourth quarter paints a mixed picture: While the PMI rose in November, oil prices fell sharply in the same month. Moreover, oil production will be hampered in the coming months after Nigeria agreed to reduce production starting in January as part of the OPEC and non-OPEC oil output cuts announced on 7 December. Nevertheless, the cut should have a relatively modest impact given that Nigeria had been producing below its previous quota due to capacity constraints.

Nigeria - Trade Balance Data

2013  2014  2015  2016  2017  
Trade Balance (USD billion)43.8  21.0  -6.4  -0.5  13.1  

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Note: Trade balance in USD bn.
Source: Central Bank of Nigeria

Nigeria Facts

ValueChangeDate
Bond Yield15.090.0 %Jan 16
Exchange Rate307.43.08 %Jan 16
Stock Market1.40.0 %Jan 11

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